S02 Episode 98 | SILKROLL, FASHION + THE SHARING ECONOMY
Throughout this episode, Janet and Erin provide insight into why they decided to build their business, using digital currency instead of ...
Only 4% of high-end, quality products sitting in America's closet are being resold online.
Why? Because your apparel depreciates faster than any other commodity. On average you get 10% cash back on what you paid when you resell the products. For most people, this is not worth the hassle.
Despite that, the online resale space is exploding, growing 3x faster than all other retail sectors.
Led by Millennials & Gen X-ers, the United States has an estimated $900B in of high-end products in closets that will never be worn again, if we don't recirculate them, all will eventually go to waste.
Before new website release.
Since new website release.
50% of our customers are 1st time secondhand shoppers and finding the ROI worth their time. Furthermore, younger generations are 75% more likely to be influenced by environmental factors when making purchase decisions.
Source: ThredUp 2017 Resale Report
USE OF FUNDS
To scale user acquisition channels, product development, and operations expansion.
Business Growth Goals:
Here's what we do with the products we receive...
1) 80% of the products we receive are high quality, qualified and recirculated
2) 20% of the unqualified products:
I:CO textile repurposing process
Our Charity Partners
Thank you for checking out SilkRoll and our campaign. Our story began with my own closet. Through my 10 years as an investment banker, the demand to “look good” was high. I ended many late nights in front the computer, shopping online for the latest designer fashion.
Even though my closet was overflowing with things I barely wore, I couldn't resist the urge to shop even more... For the ladies, you are probably nodding your head right now with the same pain point, and for the men who have females living with you, I'm sure you can also relate!
After moving to San Francisco, I found myself constantly searching for the answers to 2 questions: 1) How can I retain the value of the things I no longer want and give them to someone who'd love them as much as I did. 2) How are these products made so fast, and where do they all eventually go?
SilkRoll is created to let people share resources in such a way that doesn't take away the monetary and emotional value we attach to our possessions. It also encourages a new behavior that mobilizes the exchange and trading mechanisms which serve as economic pillars to many civilizations throughout history and today, with the end goal of eliminating endless production.
Starting with a single of rack of my own clothes, our community of women organically grew from two people of over two thousand. Friends told friends to who told more friends. Today, several months after the official release of our new website, we have paying customers spanning the U.S. from Orange County to Brooklyn, from Montana to New Mexico.
It doesn't end here. The exchange is a mechanism for all under-utilized resources in our closets, imagine men's and children's clothing, accessories, sports gear and more!
Having sat on the trading floor for a decade, optimizing the exchange is what I had already mastered, whether its stocks, bonds, or our closets! SilkRoll is merely a facilitator, or "market maker", ultimately market demand determines the true value of your tradable resources.
A market only performs at its best when there are many players in it. So come join and invest in us, as we boldly march into a new era of the sharing economy.
Founder & CEO
EXCLUSIVE ENDS NOVEMBER 30, 2017. Invest $100 or more and receive the dollar amount in points (up to 1000 points) on your SilkRoll account + featured investor on our website & social media (optional)
200 points on your SilkRoll account to shop! (you can get a Coach bag or Lululemon yoga wear with this amount)
3 months FREE membership on your SilkRoll account (All shipping and service fees waived)
3 months FREE membership on your SilkRoll account (All shipping and service fees waived) + One personal styling session with one of our in-house stylists
Lunch with the founders + tour of our studio and facility + one personal styling session with one of our in-house stylists
Happy Hour with the SilkRoll executive team + tour of our studio and facility + one personal styling session with one our our in-house stylists
Dinner with the founders + tour of our studio and facility + featured investor on our website/social media + one personal styling session with one our our in-house stylists
Exclusive wine tasting weekend retreat in Napa Valley with the founders + featured investor on our website/social media + one personal styling session with one our our in-house stylists
All or any of the above + an Advisor role on our board of advisors
Please review What we take section. We strictly do not accept cheap fast fashion, damaged, worn out, stained, and inauthentic products. To maximize your experience with SilkRoll, please refrain from sending us these products.
SilkRoll is committed to lengthening the life cycle of fashion. We actively work with with strategic partners to ensure all products we receive get reused, recycled or upcycled sustainably. Please visit our Partners page for more details.
For products we don’t accept, you earn 5 points per item, up to 20 items each trade in.
You can purchase points to make up the difference. Or you can send in more fashion to earn more points.
Our points don’t expire, we will send you regular alerts once new items are in store so you can come back anytime to find things you want!
Currently we do not have the ability to buy back points from you. If you’d like to donate your points to someone else, please contact us at firstname.lastname@example.org
We reassign points back to you based on the condition of the products when we get them back, and if they are still consistent with the theme of the store. SilkRoll has the right to increase or decrease the amount of points reassigned, or not reassign any points back if the products are no longer in acceptable condition.
We leverage our in house data analytics tool to guide us with fair valuation of each product. Our fashion experts are also highly trained to assign points as fairly and as accurately as possible according the product’s retail value, condition, and style. If you don’t agree with our valuation, you may request all the items back within 24 hours of assignment, and we will take away the points assigned to you.
Sending in your fashion is FREE. Simply request one of our prepaid shipping bags here.
For SilkRoll members, all shipping fees are waived. For non-members, there is a $10 flat shipping fee each time you make a purchase order.
We waive all service and shipping fees for members. In addition, members enjoy perks such as new arrivals early access, exclusive invites to partner events, and much more!
This allows SilkRoll to offer you services such as quality assurance, professional photography, storage, packaging, and accessible customer support. Currently our service fee is 5% of the Qs you redeem for each purchase.
Absolutely, purchase one of our Qs packages to start shopping right away!
Our trained fashion experts assign points to each product we accept based on their estimated retail value, the condition they are in, and how much they are in demand. Most items receive 70% – 100% of their original retail value. Certain desirable products receive up to 300% of their original retail value.
SilkRoll successfully raised $104,773 from 184 investors on February 1, 2018
I believe in SilkRoll's vision to create a 'greener' online marketplace for fashion lovers. Thank you!Teo Choong ChingInvested 8 days ago
I see a huge need for women(and men) in this area. Janet and Erin are the ones to make this available.Jeffery ChinInvested 3 months ago
200Miriam Dretler-WinnegInvested 3 months ago
I invested in SilkRoll as they've met a need & helping make use of unused and/or unwanted resources & the numbers paint the picture...they can only scale up & expand overseas....Roger ChanInvested 3 months ago
I believe in my very intelligent niece and Co-founder of the company. I want to support her in her efforts to reuse perfectly good clothes and not fill up our dumps!Nanette Wold JohnsonInvested 3 months ago
i invested in SilkRoll because i invested in SilkRollRajdev SinghInvested 3 months ago
I believe the team is committed to the work - and they are providing a service that will have growing need over the coming years.Eric De FeoInvested 3 months ago
I trust Erin Wold!!! I love Janet. I love the company!! I love the commitment :)Kate NesquikInvested 3 months ago
I know Erin, she's an amazing woman; and the idea is incredible. Good work ladies!Cori BrownInvested 3 months ago
I believe this business has the potential to serve a massive market and deliver high returns for investors. I'm also really excited to support female and minority founders.Bryan MillsteinInvested 3 months ago
Fabulous idea, incredible. I'd love to get involved and help you grow in digital marketing. MattMatthew WatsonInvested 3 months ago
I believe in innovative ideas, and Silk Roll is a great one.Brent BohuslavInvested 3 months ago
I believe in the concept.Daphne NicholsonInvested 3 months ago
Sharing is caring and the planet needs a break. SilkRoll incentivizes women to shop for quality while simultaneously meeting our current societal need for quantity. For this and many other positive reasons, I'm in!J. MichaelInvested 3 months ago
because Janet is my best friend and i would simple want to support her! all the best and keep the spirit on, Janet!Christine ChaiInvested 3 months ago
CrewCrewElisabeth CrosbyInvested 3 months ago
The business concept makes perfect sense for multiple reason.Todd LaRocheInvested 3 months ago
Agree that individuals have a great opportunity to monetize their closets.Niyati ShahInvested 3 months ago
I think it is a good idea. I personally have clothes that I would like to get out of the closet. This business is already making moves, so that is good.Joel CoolInvested 3 months ago
Based in Bay Area. Millennial founders. Multi year track record.william wayInvested 3 months ago
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